Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020

Stelios Orphanides

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Applications from Golden visa providers

As from July 31st golden visa applications will only be accepted from providers that have registered with the scheme's supervisory body and who have signed up to a code of conduct.

Speeding up issue of Title Deeds

The Cyprus government is ready discuss ways to reduce the time taken to issue Title Deeds, which has tarnished the reputation of Cyprus as a safe place to buy property by overseas investors.

Cyprus running out of time to reduce NPLs

Pressure is mounting on the Cyprus banks to reduce non-performing loans (NPLs) and proposals put forward by the Finance Ministry could also fix areas in the law affecting the issue of title deeds from indebted developers.

Limit on citizenship scheme announced

The Council of Ministers has decided to restrict the number of citizenships granted under the ‘Citizenship by Investment Scheme', aka ‘Golden Visa Program’ aka ‘Passports for Cash Scheme’ to 700 a year.

Citizenship schemes pose major corruption risk

Citizenship and residence-by-investment schemes, commonly referred to as ‘Golden Visa’ programmes, are vulnerable to abuse and undermine the fight against corruption in the European Union.

Cyprus passport sales revealed

Following questions raised by Giorgos Perdikis concerning the transparency of the citizenship by investment aka passport for cash scheme the Cyprus News Agency reported the figures on Monday.

Hellenic bank violated consumer rights

The Cyprus Consumer Protection Service has ruled that the Hellenic Bank violated consumer rights with abusive clauses in mortgage contracts and imposed charges for early debt repayments.

Limassol rents spike as market booms

A property market boom in Limassol has driven up rents as demand for housing has outstripped supply as more companies have moved to the area seeking accommodation for their staff.

Non-performing loans stand at €21.9bn

Non-performing loans (NPLs) in the Cypriot banking system currently stand at €21.9 billion, or 44 per cent of total loans and 120 per cent of economic output according to the governor of the Central Bank.

John Hourican “annoyed and impatient”

Bank of Cyprus CEO John Hourican said he is annoyed and impatient by borrowers seeing a rising property market and wanting to hold on and negotiate more time to repay their loans.

Land values also recovering

As home prices enter recovery, so do land values, particularly in Limassol which has already attracted property developers from other coastal areas such as Paphos and Famagusta.

Ten years to reduce NPLs

The Cyprus Central bank expects it will take up to 10 years for non-performing loans (NPLs) to drop to manageable levels at the current rate of economic growth, Chrystalla Georghadji told reporters on Friday.

BOC intends to sell restructured loans

The Bank of Cyprus intends to sell about €20 million worth of restructured non-performing loans of developers and construction companies to a small Cypriot bank according to reports.

Non-performing loans at 47 per cent

Non-performing loans in the Cypriot banking system stood at 47% of total loans at the end of December 2016; a fall of €3.7 billion in two years to €23.7 billion according to data released by the Central Bank of Cyprus.

Coops to offer defaulting borrowers a discount

The Cooperative Central Bank is to offer a scheme enabling borrowers to receive a discount of up to 50 per cent on unsecured, terminated loans that have not been serviced for 1,000 days.

Court bans banks foreclosing

The Larnaca District Court has banned banks from foreclosing on properties used as collateral for loans for which courts gave the go ahead before the new foreclosure law came in effect last year.

Work to start on Ayia Napa marina

The first phase of construction work on the Ayia Napa marina is scheduled to get underway on 30 September following the signing of an agreement between Makronisos Marina Ltd and Greece’s Terna A.E.

Bank of Cyprus €1.1 billion asset disposal

The Bank of Cyprus' Real Estate Management Unit (REMU) is currently managing assets valued at €1.1 billion sold properties valued at €92 million during the first half of 2016 and is presently in negotiations to sell additional assets.

Cyprus Central Bank home prices Q1 2016

The Cyprus Central Bank has published its residential home price indexes for the first quarter of 2016 recording a fall in house prices over the quarter of 1.3 per cent and a rise in apartment prices of 0.6 per cent.

Bank of Cyprus to foreclose on ten properties

The Bank of Cyprus plans to foreclose on ten properties valued in excess of €2.3 million next month – six properties in Paphos on June 23 and the remaining four properties in Nicosia the following day.

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